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From Laide Raheem, Abeokuta
Insecurity, multiple taxation, dilapidated road infrastructure and untrustworthy manpower have been identified as major challenges discouraging Nigerians in the diaspora and foreign investors from investing in the country.
A Canadian-based Nigerian investor, Oluwafemi Ayeyemi, who stated this while addressing newsmen in Abeokuta, the Ogun State capital, said several Nigerians abroad are willing to come back home and invest, but they are skeptical because of the identified socioeconomic challenges.
He said it was painful that Nigeria as a nation is still battling to fix power, uninterrupted internet service and other socioeconomic infrastructure, when other nations have moved ahead.
Ayeyemi, who disclosed that he had invested a sum of N3 billion into a hospitality project in Abeokuta, said that the dilapidated condition of the road leading to the site of the project posed a serious challenge to him and other would-be investors along the corridor.
“In developed countries, before we embark on this kind of project, the first step is to construct an accessible road. But in Nigeria, the reverse is the case. If the government did not see reasons to construct access roads, many investors will shun the country. And That was why we felt that if we could erect this kind of edifice, it would encourage the government to support our initiative and bring development to the location.”
He, however, appealed to the Ogun State Government to construct the road leading the Ijeja Community Railway Road to encourage and woo investors to the Obada-Oko axis where the project is located, pointing out that bad road networks would kill several businesses in Nigeria.
“I was first discouraged from doing anything in Nigeria again because my first house was demolished at Laderin Estate, Abeokuta, in 2016 for the construction of the railway line without any compensation, despite having all the title documents.
“Later in 2017, my father encouraged me to do something again. That’s why I consulted a few of my friends in Nigeria on a thriving business, and they advised me to invest in hospitality. That’s when we started this project”. He stated.
Ayeyemi expressed optimism that the project, billed to commence operations in November 2025, would bring development to the host community and create employment opportunities for the youths. Adeyemi’s spouse, Elizabeth Ayeyemi stated that the rationale behind the construction of the hotel is to create job opportunities for Nigerians.
